You are working with a teammate to value Blue Dot Limited. You have developed the following FCF to Firm projection (including the terminal value at the end of Year 4): FCF to Firm Year $mm 1 40 2 45 3 50 4 520 Your teammate mistook the above cash flows as FCF to Equity and applied Blue Dots cost of equity as the discount rate, and arrived at an estimated equity value of $410 million, or $4.10 per share. Blue Dots non-operating assets include cash of $50 million, and a 40% interest in a 15-year joint venture (the JV). The JV is expected to generate cash flow of $25 million at the end of Year 1, and thereafter cash flow will increase by 2% per year. The JV has a cost of capital of 13%. Blue Dot has one outstanding debt, with a book value of $115 million (market value $120 million). Blue Dots cost of debt is 5%. The tax rate is 25%. Blue Dot has 100 million shares outstanding, trading at $2.4 per share.

Based on the above financial data and using the cost of equity calculated, estimate the WACC of Blue Dot and based on the WACC above, what is the correct equity value per share?